By Terryn Shiells, Commodity News Service Canada
Winnipeg, Dec 11 – Canola contracts on the ICE Futures Canada platform were narrowly mixed amid choppy activity Thursday morning.
Some spillover support came from the advances seen in Chicago soyoil, Malaysian palm oil and European rapeseed futures in early and overnight activity, analysts said.
Strong commercial demand for canola, continued slow farmer selling, and technical buying were also bullish. The market has moved back to an inverse, indicating that nearby demand for canola is very strong.
The sharply lower Canadian dollar further underpinned canola, as it made the commodity more attractive to crushers and exporters.
On the other side, good conditions for the developing South American soybean crop and large supplies of beans in the US were bearish.
As of 8:44 CST, about 7,075 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:44 CST:
